Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
ExxonMobil Holdings Corp., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The solvency profile of the organization demonstrates a consistent and significant strengthening over the period from March 31, 2022, to September 30, 2026. A systematic reduction in leverage is evident across all primary solvency metrics, indicating a strategic shift toward a more equity-heavy capital structure and a reduced reliance on borrowed funds.
- Debt to Equity and Debt to Capital
- A pronounced downward trend is observed in both the debt to equity and debt to capital ratios. The debt to equity ratio declined from 0.28 in March 2022 to 0.13 by September 2026, while the debt to capital ratio decreased from 0.22 to 0.11 over the same interval. Despite a marginal increase in 2025, the overall trajectory confirms a substantial reduction in financial risk and an increase in the proportion of equity relative to debt.
- Debt to Assets and Financial Leverage
- The debt to assets ratio exhibited a steady decline, falling from 0.13 in early 2022 to 0.07 by late 2026, reflecting a lower percentage of assets financed through debt. Similarly, the financial leverage ratio decreased from a peak of 2.10 to 1.77, although this metric showed more volatility during the 2025-2026 period. These trends collectively indicate an improvement in the company's long-term solvency and a diminished risk of insolvency.
- Interest Coverage
- The interest coverage ratio remained exceptionally high throughout the analyzed period, ensuring that interest obligations were comfortably met. The ratio peaked at 108.93 in March 2023 before normalizing to a range between 50.07 and 65.12 from 2024 through 2026. While the coverage levels decreased from their 2023 peak, they continue to reside at levels that signify a very low risk of default on interest payments.
In summary, the organization has significantly improved its solvency position. The simultaneous reduction in debt-based ratios and the maintenance of a high interest coverage ratio suggest a robust financial foundation with substantial capacity to manage long-term obligations.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Debt to Equity
ExxonMobil Holdings Corp., debt to equity calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Notes and loans payable | 4,523) | 10,139) | 14,531) | 9,296) | 9,212) | 5,419) | 4,728) | 4,955) | 5,632) | 6,621) | 8,227) | 4,090) | 4,743) | 3,929) | 2,296) | 634) | 6,182) | 7,367) | 4,886) | ||||||
| Long-term debt, excluding due within one year | 29,727) | 32,229) | 33,130) | 34,241) | 32,824) | 33,570) | 32,823) | 36,755) | 36,918) | 36,565) | 32,213) | 37,483) | 36,510) | 37,567) | 39,150) | 40,559) | 39,246) | 39,516) | 42,651) | ||||||
| Total debt | 34,250) | 42,368) | 47,661) | 43,537) | 42,036) | 38,989) | 37,551) | 41,710) | 42,550) | 43,186) | 40,440) | 41,573) | 41,253) | 41,496) | 41,446) | 41,193) | 45,428) | 46,883) | 47,537) | ||||||
| Total ExxonMobil share of equity | 265,789) | 259,380) | 254,381) | 259,386) | 260,561) | 262,593) | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.13 | 0.16 | 0.19 | 0.17 | 0.16 | 0.15 | 0.14 | 0.16 | 0.16 | 0.16 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 | 0.24 | 0.26 | 0.28 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 0.20 | 0.25 | 0.22 | 0.22 | 0.20 | 0.20 | 0.16 | 0.17 | 0.15 | 0.14 | 0.13 | 0.12 | 0.14 | 0.15 | 0.15 | 0.15 | 0.17 | 0.20 | ||||||
| ConocoPhillips | — | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.38 | 0.37 | 0.37 | 0.37 | 0.38 | 0.40 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.38 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Total ExxonMobil share of equity
= 34,250 ÷ 265,789 = 0.13
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits a consistent strengthening over the analyzed period from March 2022 through September 2026. A sustained downward trajectory in the Debt to Equity ratio is evident, decreasing from 0.28 to 0.13, which indicates a strategic reduction in financial leverage and a growing reliance on internal equity over borrowed capital.
- Total Debt Trends
- Total debt experienced an overall decline from 47,537 million US$ in March 2022 to 34,250 million US$ by September 2026. Despite this general decrease, the trend was not linear; periods of debt reduction were interspersed with temporary increases, most notably between March 2024 and June 2024, and a gradual rise through December 2025 before a sharp reduction occurred in 2026.
- Equity Expansion
- The share of equity grew significantly throughout the period, starting at 169,215 million US$ in March 2022 and reaching a peak of 268,592 million US$ in June 2024. Following this peak, equity remained relatively stable, maintaining a range between approximately 254,000 million US$ and 266,000 million US$ through September 2026.
- Debt to Equity Ratio Analysis
- The Debt to Equity ratio declined steadily from 0.28 in early 2022 to 0.20 by March 2024. A sharp contraction in the ratio occurred between March 2024 and June 2024, dropping from 0.20 to 0.16, which coincided with a substantial increase in total equity. Although the ratio saw a slight uptick to 0.19 by March 2026, it ultimately reached its lowest point of 0.13 by September 2026, reflecting a highly conservative solvency position.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Debt to Capital
ExxonMobil Holdings Corp., debt to capital calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Notes and loans payable | 4,523) | 10,139) | 14,531) | 9,296) | 9,212) | 5,419) | 4,728) | 4,955) | 5,632) | 6,621) | 8,227) | 4,090) | 4,743) | 3,929) | 2,296) | 634) | 6,182) | 7,367) | 4,886) | ||||||
| Long-term debt, excluding due within one year | 29,727) | 32,229) | 33,130) | 34,241) | 32,824) | 33,570) | 32,823) | 36,755) | 36,918) | 36,565) | 32,213) | 37,483) | 36,510) | 37,567) | 39,150) | 40,559) | 39,246) | 39,516) | 42,651) | ||||||
| Total debt | 34,250) | 42,368) | 47,661) | 43,537) | 42,036) | 38,989) | 37,551) | 41,710) | 42,550) | 43,186) | 40,440) | 41,573) | 41,253) | 41,496) | 41,446) | 41,193) | 45,428) | 46,883) | 47,537) | ||||||
| Total ExxonMobil share of equity | 265,789) | 259,380) | 254,381) | 259,386) | 260,561) | 262,593) | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | ||||||
| Total capital | 300,039) | 301,748) | 302,042) | 302,923) | 302,597) | 301,582) | 300,271) | 305,415) | 311,142) | 311,591) | 245,690) | 246,375) | 240,956) | 240,542) | 240,131) | 236,242) | 231,528) | 224,199) | 216,752) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.11 | 0.14 | 0.16 | 0.14 | 0.14 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.16 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.20 | 0.21 | 0.22 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 0.16 | 0.20 | 0.18 | 0.18 | 0.17 | 0.17 | 0.14 | 0.14 | 0.13 | 0.12 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.13 | 0.15 | 0.17 | ||||||
| ConocoPhillips | — | 0.26 | 0.27 | 0.27 | 0.27 | 0.26 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.28 | 0.29 | 0.26 | 0.26 | 0.26 | 0.26 | 0.25 | 0.28 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 34,250 ÷ 300,039 = 0.11
2 Click competitor name to see calculations.
The solvency profile exhibits a consistent strengthening trend, characterized by a systemic reduction in the reliance on borrowed funds relative to total capital. The overall trajectory indicates a strategic shift toward a more conservative capital structure over the analyzed period.
- Total Debt Dynamics
- Total debt experienced an initial contraction from 47,537 million USD in March 2022 to 41,193 million USD by December 2022. Following a period of relative stability throughout 2023, debt levels fluctuated between 37,551 million USD and 47,661 million USD from 2024 through early 2026. A substantial reduction is observed in the final quarter of the sequence, with total debt falling to 34,250 million USD by September 30, 2026.
- Total Capital Expansion
- A steady increase in total capital is evident, rising from 216,752 million USD in March 2022 to 246,375 million USD by December 2023. A significant expansion occurred in June 2024, where total capital increased to 311,591 million USD. This figure remained relatively stable, maintaining a floor above 300,000 million USD through September 30, 2026.
- Debt to Capital Ratio Analysis
- The debt-to-capital ratio demonstrates a sustained downward trend, decreasing from 0.22 in March 2022 to 0.11 by September 30, 2026. The ratio remained flat at 0.17 for most of 2023 before declining to 0.14 in mid-2024. Despite a temporary increase to 0.16 in March 2026, the final period indicates the lowest level of financial leverage in the observed timeframe.
The convergence of expanding total capital and diminishing total debt has resulted in a significant improvement in the solvency ratio. This progression suggests an enhanced capacity to meet long-term obligations and a reduced risk profile concerning financial leverage.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Debt to Assets
ExxonMobil Holdings Corp., debt to assets calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Notes and loans payable | 4,523) | 10,139) | 14,531) | 9,296) | 9,212) | 5,419) | 4,728) | 4,955) | 5,632) | 6,621) | 8,227) | 4,090) | 4,743) | 3,929) | 2,296) | 634) | 6,182) | 7,367) | 4,886) | ||||||
| Long-term debt, excluding due within one year | 29,727) | 32,229) | 33,130) | 34,241) | 32,824) | 33,570) | 32,823) | 36,755) | 36,918) | 36,565) | 32,213) | 37,483) | 36,510) | 37,567) | 39,150) | 40,559) | 39,246) | 39,516) | 42,651) | ||||||
| Total debt | 34,250) | 42,368) | 47,661) | 43,537) | 42,036) | 38,989) | 37,551) | 41,710) | 42,550) | 43,186) | 40,440) | 41,573) | 41,253) | 41,496) | 41,446) | 41,193) | 45,428) | 46,883) | 47,537) | ||||||
| Total assets | 470,917) | 464,482) | 464,410) | 448,980) | 454,340) | 447,597) | 451,908) | 453,475) | 461,916) | 460,707) | 377,918) | 376,317) | 372,259) | 363,248) | 369,371) | 369,067) | 370,152) | 367,774) | 354,771) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.07 | 0.09 | 0.10 | 0.10 | 0.09 | 0.09 | 0.08 | 0.09 | 0.09 | 0.09 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 0.11 | 0.14 | 0.13 | 0.13 | 0.12 | 0.12 | 0.10 | 0.10 | 0.09 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.12 | ||||||
| ConocoPhillips | — | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.20 | 0.19 | 0.19 | 0.19 | 0.20 | 0.20 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.20 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 34,250 ÷ 470,917 = 0.07
2 Click competitor name to see calculations.
The analyzed period demonstrates a consistent improvement in the solvency position of the entity, characterized by a steady reduction in the debt-to-assets ratio. This ratio declined from a peak of 0.13 in the first quarter of 2022 to a low of 0.07 by the third quarter of 2026, indicating a significant decrease in financial leverage relative to the total asset base.
- Debt-to-Assets Ratio Trends
- A progressive downward trend is observed in the debt-to-assets ratio. The ratio remained stable at 0.11 throughout much of 2023 before shifting to 0.09 in mid-2024. Despite a temporary increase to 0.10 in early 2026, the ratio reached its lowest point of 0.07 by September 30, 2026, suggesting an enhanced capacity to cover obligations using existing assets.
- Total Asset Expansion
- Total assets exhibited a notable upward trajectory, specifically marked by a substantial increase between March 31, 2024, and June 30, 2024, where assets rose from 377,918 million to 460,707 million. Following this surge, the asset base remained relatively stable, fluctuating between 447,597 million and 470,917 million through the end of the period.
- Total Debt Volatility
- Total debt levels showed periodic fluctuations but ended the period significantly lower than at the start. From an initial 47,537 million in March 2022, debt generally trended downward, reaching 37,551 million by March 2025. Although a spike to 47,661 million occurred in March 2026, a sharp reduction followed, resulting in a period-low of 34,250 million by September 30, 2026.
The combination of an expanding asset base and a net reduction in total debt has resulted in a strengthened balance sheet. The most significant improvement in the solvency ratio coincides with the sharp increase in total assets in mid-2024, which effectively diluted the impact of existing debt on the total asset pool.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Financial Leverage
ExxonMobil Holdings Corp., financial leverage calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 470,917) | 464,482) | 464,410) | 448,980) | 454,340) | 447,597) | 451,908) | 453,475) | 461,916) | 460,707) | 377,918) | 376,317) | 372,259) | 363,248) | 369,371) | 369,067) | 370,152) | 367,774) | 354,771) | ||||||
| Total ExxonMobil share of equity | 265,789) | 259,380) | 254,381) | 259,386) | 260,561) | 262,593) | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 1.77 | 1.79 | 1.83 | 1.73 | 1.74 | 1.70 | 1.72 | 1.72 | 1.72 | 1.72 | 1.84 | 1.84 | 1.86 | 1.82 | 1.86 | 1.89 | 1.99 | 2.07 | 2.10 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 1.74 | 1.79 | 1.74 | 1.72 | 1.71 | 1.72 | 1.69 | 1.66 | 1.64 | 1.63 | 1.63 | 1.60 | 1.59 | 1.60 | 1.62 | 1.64 | 1.68 | 1.70 | ||||||
| ConocoPhillips | — | 1.90 | 1.90 | 1.89 | 1.89 | 1.87 | 1.90 | 1.89 | 1.94 | 1.93 | 1.93 | 1.95 | 1.96 | 1.89 | 1.91 | 1.95 | 1.93 | 1.87 | 1.90 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= 470,917 ÷ 265,789 = 1.77
2 Click competitor name to see calculations.
An analysis of the solvency metrics reveals a consistent long-term trend of deleveraging, characterized by a reduction in the financial leverage ratio from 2.10 in March 2022 to 1.77 by September 2026. This downward trajectory indicates a strategic shift toward a more conservative capital structure, reducing the proportion of debt relative to equity over the observed period.
- Financial Leverage Trajectory
- The leverage ratio experienced a steady decline throughout 2022 and 2023, falling from 2.10 to 1.84. This period was marked by a gradual increase in total equity, which rose from 169,215 million USD to 204,802 million USD, effectively offsetting the growth in total assets and lowering the overall risk profile.
- Significant Capital Structure Adjustment
- A substantial shift in the balance sheet occurred between March 2024 and June 2024. Total assets increased sharply from 377,918 million USD to 460,707 million USD, while total equity rose from 205,250 million USD to 268,405 million USD. This concurrent expansion of both assets and equity resulted in a prompt reduction of the financial leverage ratio from 1.84 to 1.72, suggesting a major capital infusion or acquisition that strengthened the equity base.
- Stability and Solvency Outlook
- Following the mid-2024 adjustment, the leverage ratio remained relatively stable, fluctuating within a narrow range between 1.70 and 1.83. Despite a slight uptick to 1.83 in March 2026, the ratio returned to 1.77 by September 2026. This stability, paired with the sustained growth of total assets to 470,917 million USD and equity to 265,789 million USD, reflects a reinforced solvency position and a sustained capacity to manage long-term obligations.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Interest Coverage
ExxonMobil Holdings Corp., interest coverage calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income attributable to ExxonMobil | 15,413) | 14,525) | 4,183) | 6,501) | 7,548) | 7,082) | 7,713) | 7,610) | 8,610) | 9,240) | 8,220) | 7,630) | 9,070) | 7,880) | 11,430) | 9,750) | 19,660) | 17,850) | 5,480) | ||||||
| Add: Net income attributable to noncontrolling interest | 609) | 356) | 289) | 108) | 220) | 272) | 320) | 345) | 361) | 331) | 346) | 382) | 276) | 273) | 413) | 305) | 538) | 724) | 270) | ||||||
| Add: Income tax expense | 5,214) | 4,543) | 2,495) | 1,422) | 3,164) | 3,351) | 3,567) | 1,858) | 4,055) | 4,094) | 3,803) | 2,613) | 4,353) | 3,503) | 4,960) | 5,787) | 5,224) | 6,359) | 2,806) | ||||||
| Add: Interest expense | 183) | 227) | 295) | 163) | 90) | 145) | 205) | 297) | 207) | 271) | 221) | 272) | 169) | 249) | 159) | 207) | 209) | 194) | 188) | ||||||
| Earnings before interest and tax (EBIT) | 21,419) | 19,651) | 7,262) | 8,194) | 11,022) | 10,850) | 11,805) | 10,110) | 13,233) | 13,936) | 12,590) | 10,897) | 13,868) | 11,905) | 16,962) | 16,049) | 25,631) | 25,127) | 8,744) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 65.12 | 59.52 | 53.86 | 69.44 | 59.41 | 53.86 | 50.09 | 50.07 | 52.17 | 54.97 | 54.07 | 63.17 | 74.98 | 85.62 | 108.93 | 94.68 | 88.00 | 68.10 | 42.27 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 22.46 | 14.41 | 17.22 | 21.10 | 27.24 | 37.58 | 47.31 | 49.42 | 59.46 | 60.29 | 64.08 | 77.06 | 87.36 | 102.29 | 97.27 | 86.49 | 68.50 | 44.87 | ||||||
| ConocoPhillips | — | 19.32 | 14.62 | 15.80 | 16.72 | 17.75 | 19.30 | 18.46 | 19.45 | 20.40 | 20.49 | 21.88 | 24.35 | 28.69 | 33.08 | 36.07 | 33.30 | 28.10 | 22.60 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (21,419 + 19,651 + 7,262 + 8,194)
÷ (183 + 227 + 295 + 163)
= 65.12
2 Click competitor name to see calculations.
The interest coverage ratio exhibits a period of significant volatility followed by a phase of stabilization and moderate recovery over the analyzed period. A primary peak in solvency strength occurred in the first quarter of 2023, followed by a gradual normalization and a subsequent upward trend toward the end of 2026.
- Earnings Before Interest and Tax (EBIT) Trends
- Operating earnings showed substantial growth in 2022, rising from 8,744 million USD in March to a peak of 25,631 million USD in September. A corrective phase followed, with EBIT generally fluctuating between 10,000 million USD and 17,000 million USD throughout 2023 and 2024. A notable contraction is observed in the first quarter of 2026, where earnings reached 7,262 million USD, prior to a sharp rebound to 21,419 million USD by September 2026.
- Interest Expense Volatility
- Interest expenses remained relatively low in proportion to operating income, though they exhibited intermittent fluctuations. Costs peaked at 297 million USD in December 2024 and 295 million USD in March 2026. Conversely, a significant reduction in interest costs occurred in June 2025, dropping to 90 million USD, which contributed to a temporary improvement in the coverage ratio during that period.
- Interest Coverage Ratio Dynamics
- The interest coverage ratio rose sharply from 42.27 in March 2022 to its maximum of 108.93 in March 2023, driven primarily by the surge in EBIT. This was followed by a steady decline over the subsequent several quarters, reaching a low of 50.07 in December 2024. The ratio remained stable between 50 and 69 for the remainder of the timeframe, concluding at 65.12 in September 2026. The consistently high values indicate a robust and sustained capacity to service interest obligations.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?